Nine Penny Pinching Habits of the Rich and Famous

a frugal car and your northwest Milwaukee apartment might help you become rich and famous

A frugal car before you become rich and famous

Last time, we observed that nearly half of renters are struggling to make the rent. In case that’s you, here are nine tips from the rich and famous to help you escape the ranks of the broke and obscure:

1. Drive a Safe, Practical Car

Washington Redskins running back Alfred Morris has a four-year, $2.2 million contract and still drives his 1991 Mazda nicknamed “Bentley,” which he reportedly purchased for $2 from his pastor when he was a student at Florida Atlantic University.

2. Don’t Go Anywhere With Money in Your Pocket Looking for Something to Buy

That’s the advice T. Boone Pickens’ grandmother gave him, and it’s advice he still lives by today. The oil tycoon, who is worth nearly $1 billion, could easily afford an impulse purchase or two. He told Politico in a 2011 interview: “I don’t go cheap on anything, but I’m not a shopper. If I want something, I look at it, decide what it is, but it will usually be the best product. I’ve got a pair of loafers that I still wear that I got in 1957.”

3. Keep Clipping Those Coupons

Think clipping coupons is only for us everyday penny pinchers? Think again. A bunch of famous people take their coupon clipping seriously — no matter how big their bank accounts — including, Carrie Underwood, Indiana Pacer’s Roy Hibbert and Jay Leno.

4. Live on (WAY) Less Than You Earn

When Jay Leno recently retired from more than 20 years of hosting the Tonight show, he shared a little secret: He never spent any of what he earned from the show ($15 million annually in the final years), but instead continued to live off income from his standup comedy act. “When I was a kid, I had two jobs,” wrote Leno in Parade magazine. “I worked at a Ford dealership and at a McDonald’s. I’d spend the money from one job and save the money from the other. That’s still the way I am now.”

5. Dress Fashionably Frugal

Some of Hollywood’s leading ladies are known for turning up their noses at pricey designer fashions and instead donning more budget-conscious apparel, even for special events. In recent years, both Helen Hunt and Penelope Cruz looked stunning at the Oscars in gowns from fast-fashion retailer H&M, but that’s still haute couture compared with the charcoal turtleneck from the Gap that Sharon Stone wore to the awards program back in 1996.

Bill Gates, Warren Buffett, Ted Turner

Bill Gates, Warren Buffett, Ted Turner

6. Don’t Spoil Your Kids

The list of business tycoons who plan to leave only a portion of their estates to their kids includes, from left, Bill Gates, Warren Buffett and Ted Turner. Buffett says, “I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing.”

7. Remember What’s Really Important

Memories are more valuable than stuff, even to drug addicted bad actors in Hollywood.

8. Cook More at Home

Their kitchens may be the Taj Mahal compared with ours, but a surprising number of celebrities prefer to cook at home rather than dine out at five-star eateries or hire a personal chef. Make a Martha Stewart moment and eat at home tonight.

9. When in Doubt, Let Your Wife Control the Money

And now, some financial advice from the Rolling Stones: Bobby Keys, the legendary saxophone player for the Rolling Stones and many other groups, said of his younger years, “If I needed money, I just had to go to the accountant and say I need some money, then he’d give me a box of money and I’d go away and spend it and I’d run out and then go back and get more.” But things have changed. When asked in 2012 how he handles money he said, “It’s a real simple system: I give everything I make to my wife, Holly, and she lets me have what she thinks I need.”

On your way to becoming rich and famous, a northwest Milwaukee apartment would be a beautiful place to live

Why not look at some affordable places to live, like the Rivercourt apartments, a northwest Milwaukee apartment, or the Madison Square apartments in Waupun? Call Decker Properties at (262) 785-0840 to find out more.